Twitter Q2 Live Blog Recap

NEW YORK (TheStreet) –– Twitter (TWTR) investors were cheering after the company was able to accelerate user growth, following strong results from Facebook (FB).

Twitter earned on a non-GAAP basis 2 cents a share on $312 million in revenue, as it ended the quarter with 271 million Monthly Active Users (MAUs), up 24% year over year. It had 211 million mobile MAUs, up 29% year over year at the end of the quarter.

"Timeline views reached 173 billion for the second quarter of 2014, an increase of 15% year-over-year," the company said in a press release. "Advertising revenue per thousand timeline views reached $1.60 in the second quarter of 2014, an increase of 100% year-over-year."

Analysts polled by Thomson Reuters expected Twitter to lose a penny a share on $283.07 million in revenue.

"Twitter is everywhere," CEO Dick Costolo said on the earnings call. "It's all over TV. When the NBA commissioner gets on TV and talks about sanctions about Donald Sterling, there are tweets all over the screen. This is all happening on twitter."

For the third-quarter, Twitter said it expects revenue to be between $330 million and $340 million, with adjusted EBITDA between $40 million and $45 million.

The company also updated its 2014 financial outlook following the strong second quarter results. It now expects revenue to be between $1.31 billion and $1.33 billion, with adjusted EBITDA between $210 million and $230 million. Capital expenditures are projected to be in the range of $330 million to $390 million, and stock based compensation is expected to be between $640 million and $690 million.

Facebook lead social media shares lower Monday following reports that as many as 50 million of its users may have had their data compromised by a firm acting on behalf of the Donald Trump Presidential campaign.

Global stocks were on the defensive Monday as investors prepared for Wednesday's key move on interest rates and any signals it will provide for the direction of monetary policy heading into the second quarter.